DGFT trying to ensure export competitiveness: Sarangi
High collateral demand by financial institutions is a big deterrent for MSMEs to access institutional finance, and that discourages them from getting into the export market. Through focus on trade finance, trade infrastructure and export promotion schemes, we are trying to ensure export competitiveness,” highlighted Mr Santosh Kumar Sarangi, Director General, Directorate General of Foreign Trade (DGFT), while speaking at a recent CII exports competitiveness summit.
He added that e-commerce exports represent a massive untapped opportunity for India. With the right infrastructure, including rapid Customs clearance within minutes, India’s e-commerce exports could grow to USD 200-250 billion by 2030, transforming our trade landscape. He called for a paradigm shift in India’s e-commerce export ecosystem by replicating best practices and creating export hubs with seamless pre-clearance.
Furthermore, talking about the importance of branding, Mr Sarangi said, “India must invest in branding and quality certification for its products. Large-scale efforts for branding India’s millets, basmati rice, fruits, vegetables and emerging sectors like medical tourism must be taken to strengthen its export identity”.
Stressing on the need to enhance export competitiveness, Mr Ajay Bhadoo, Additional Secretary, Department of Commerce, Union Ministry of Commerce & Industry, addressed a few key factors like diversifying India’s export basket, improving logistics, simplifying ease of doing business and increasing domestic investments in export-oriented industries. Additionally, he said that we need to prepare for the rising tide of global protectionism by focusing on quality, certifications and compliance with non-tariff barriers, as per a release.
source: Exim News Service: New Delhi, Dec. 25